Code of Virginia § 51.1-601.1. Participation in plan by certain employees.
143 words·~1 min read·
/va/title-51-1/chapter-6/51-1-601-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
All employees of the Commonwealth and its agencies commencing employment or who are reemployed on or after January 1, 2008, in a position covered by the Virginia Retirement System, and who
(i)have not elected to participate in a plan established pursuant to § 403(b) of the Internal Revenue Code of 1986, as amended, or
(ii)do not participate in the hybrid retirement program described in § 51.1-169 , shall participate in the plan described in § 51.1-602 , unless such employee elects, in a manner prescribed by the Board, not to participate in such plan. The amount of the deferral for any such employee participating in the plan shall equal, on a semimonthly basis, $20 of otherwise payable compensation, unless the employee elects to defer a different amount.
2007, c. 253 ; 2012, cc. 701 , 823 ; 2013, c. 463 .